Verdane awarded Impact Investment of the Year for momox, Europe’s largest re-commerce company
STOCKHOLM – Verdane has been recognised with the Impact Investment of the Year award for its investment in momox, at the Swedish Venture Capital & Private Equity Association’s (SVCA) annual awards gala. momox is a Berlin-based re-commerce company that purchases and sells used books, media and clothing.
The SVCA Awards gather Sweden’s private equity ecosystem to celebrate the Fundraise of the Year, Exit of the Year and Impact Investment of the Year. Winners were selected by a jury consisting of institutional investors and SVCA’s CEO Isabella de Feudis. Verdane was distinguished in the awards also in 2018, when the investment firm was awarded Fundraise of the Year for its SEK 3bn fund Verdane Edda.
“The re-commerce sector will continue to grow, driven by sustainability, the sharing economy and upcycling trends as consumers look for businesses with sustainable business models. It’s an investment in a more resource-efficient future for the European consumer, and we are very proud to have our partnership with momox recognised in this way”, says Staffan Mörndal, Partner at Verdane’s Berlin office.
“Since Verdane came on board as an investor last autumn, the team has worked with us as an experienced partner with a strong focus on e-commerce. We look forward to deepening this partnership even further in the future and jointly strengthening momox in its position as the leading re-commerce company in Europe”, says Heiner Kroke, CEO of momox.
Since launch in 2004, the Berlin-based re-commerce company has developed into one of Germany’s top-selling digital companies with almost 20 million customers and more than 200 million articles purchased and sold over the course of its history. momox reported a turnover of EUR 200m for 2018 and employs over 1,700 people at six locations in Germany and Poland. It operates local websites in Austria, France, Germany and the United Kingdom.
ubup.com, the company’s fashion unit, grew by close to 50% in 2018. The book and media unit grew by 30% in the same period. Apart from its rapidly growing own online shops, momox is a leading partner to the world’s biggest marketplaces, such as being Amazon’s largest reseller of second-hand goods worldwide. The company recently hired a Chief Fashion Officer and will continue to invest in the internationalisation of its second-hand fashion unit.
Verdane Capital X originally invested in momox in September 2018, and is the majority owner since Q3 2019. Verdane has made nine investments in the German market since 2016, including momox and smava, a leading German online intermediary of loans. The firm’s five-strong German team is based in Berlin and led by Partner Staffan Mörndal and Principal Maroje Guertl.
Verdane funds have invested in a number of businesses that help drive towards a more sustainable future, including Bemz, The Humble Co, JSB, Jupiter Bach and Polytech.
The re-commerce sector will continue to grow, driven by sustainability, the sharing economy and upcycling trends as consumers look for businesses with sustainable business models. It’s an investment in a more resource-efficient future for the European consumer, and we are very proud to have our partnership with momox recognised in this way.
Verdane has helped growth-stage companies accelerate and scale their businesses internationally since 2003, with funds close to EUR 1.8 billion in total committed capital. Fast-growing software, consumer internet, energy or high-technology industry businesses benefit from Verdane’s active ownership in both majority and minority investments through individual companies and portfolios. With over 50 employees and offices in Berlin, Copenhagen, Helsinki, London, Oslo, and Stockholm, Verdane aims to be the preferred growth partner to tech-enabled businesses in Northern Europe. www.verdane.com
momox is Germany’s leading online re-commerce company for books, CDs, DVDs, computer/video games and clothing, providing a fast and easy way to sell and purchase pre-owned consumer goods. The Berlin-based startup has launched its online trade-in service www.momox.de and its app where consumers can sell their products at fixed prices and free of shipping costs. The company resells purchased goods on www.medimops.de (books, CDs, DVDs, computer/video games) and www.ubup.com (clothing), where consumers can save up to 70% compared to retail prices. Founded in 2004 as Germany’s first re-commerce company for pre-owned items, the company has grown to more than 1,700 employees at six sites. momox also offers its service in the United Kingdom, France and Austria. Since the launch momox has purchased more than 200 million items. Today momox is the biggest vendor for used goods on amazon worldwide and number three on eBay.
Jonathan Bui, Communications Manager
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